The USDJPY broke down during the session on yesterday,
we trace in all of the gains for Monday. This market has broken out
to the upside above the 120 level. Because of this, we are looking
for short-term supportive candles in order to go long, and we think
that we can enter with a longer-term buy-and-hold perspective. We
have no interest in selling as the US dollar is the favored currency
around the world right now. With that, we are very bullish.
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NZD/USD
The NZDUSD broke down a little bit during the session on yesterday, as the New Zealand Dollar continues to lose strength. With that, we are bearish of this marketplace, and recognize that it will more than likely to continue to be one that can be sold every time it rallies. We believe that the 0.70 level is the longer-term target, and that there is a significant resistance barrier somewhere near the 0.7650 level. We have no interest in buying it and look at rallies as selling opportunities, as it represent value in the US dollar.
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